Jindal Steel shares rise 4%, hit record high; what’s next?
Jindal Steel shares rose 3.75% to a high of Rs 935.50 on BSE. Market cap of the metal firm climbed to Rs 94,347 crore.
- Apr 18, 2024,
- Updated Apr 18, 2024 2:13 PM IST
Shares of Jindal Steel & Power gained nearly 4% to their record high on Thursday amid a rally in the benchmark indices. Jindal Steel stock rose 3.75% to a high of Rs 935.50 on BSE. Market cap of the metal firm climbed to Rs 94,347 crore. The stock has risen 25 per cent since the beginning of this year and risen 63.29 per cent in one year. JSPL shares have delivered multibagger returns of 123.39% in the last three years.
On Thursday, Jindal Steel shares saw a high turnover of Rs 79.71 crore as 8.68 lakh shares of the firm changed hands on BSE.
The stock has a one-year beta of 0.7, indicating very low volatility during the period. However, the stock is neither overbought nor oversold on charts with the relative strength index (RSI) of Jindal Steel at 65.3. Jindal Steel shares are trading higher than the 10 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
Osho Krishnan, Sr Analyst- Technical and Derivative Research, Angel One said, “JSPL has seen a stellar rally after its monthly breakout of Rs 700, after which it made a vertical rally to register record-high levels. With the recent development, the counter has entered into overbought territory, suggesting a cautious approach from hereon. On the level-specific front, Rs 880-870 is likely to provide support, while sacrosanct support lies around the bullish gao of the Rs 855 zone. It is advisable to have a pragmatic approach and keep trail profits with practical stop losses in the comparable period.”
Brokerage Anand Rathi expects the stock to hit a target of Rs 1,070 in a year. It has initiated coverage on the metal stock with a buy call.
"Robust demand for steel in India is expected to persist. Considering the company’s strong focus on capacity addition, raw-material integration, cost-control initiatives, increase in share of VAPs and strong control of its balance sheet, we initiate coverage on it, with a Buy rating and a target price of Rs 1,070, 6.5x FY26e EV/EBITDA. Risks to the upside are delay in capex execution and domestic slowdown," said the brokerage.
Shares of Jindal Steel & Power gained nearly 4% to their record high on Thursday amid a rally in the benchmark indices. Jindal Steel stock rose 3.75% to a high of Rs 935.50 on BSE. Market cap of the metal firm climbed to Rs 94,347 crore. The stock has risen 25 per cent since the beginning of this year and risen 63.29 per cent in one year. JSPL shares have delivered multibagger returns of 123.39% in the last three years.
On Thursday, Jindal Steel shares saw a high turnover of Rs 79.71 crore as 8.68 lakh shares of the firm changed hands on BSE.
The stock has a one-year beta of 0.7, indicating very low volatility during the period. However, the stock is neither overbought nor oversold on charts with the relative strength index (RSI) of Jindal Steel at 65.3. Jindal Steel shares are trading higher than the 10 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
Osho Krishnan, Sr Analyst- Technical and Derivative Research, Angel One said, “JSPL has seen a stellar rally after its monthly breakout of Rs 700, after which it made a vertical rally to register record-high levels. With the recent development, the counter has entered into overbought territory, suggesting a cautious approach from hereon. On the level-specific front, Rs 880-870 is likely to provide support, while sacrosanct support lies around the bullish gao of the Rs 855 zone. It is advisable to have a pragmatic approach and keep trail profits with practical stop losses in the comparable period.”
Brokerage Anand Rathi expects the stock to hit a target of Rs 1,070 in a year. It has initiated coverage on the metal stock with a buy call.
"Robust demand for steel in India is expected to persist. Considering the company’s strong focus on capacity addition, raw-material integration, cost-control initiatives, increase in share of VAPs and strong control of its balance sheet, we initiate coverage on it, with a Buy rating and a target price of Rs 1,070, 6.5x FY26e EV/EBITDA. Risks to the upside are delay in capex execution and domestic slowdown," said the brokerage.